Past performances are not systematic indicators of future performance, and do not remain constant over time. Performances are calculated
based on net reinvested coupons . However, the performance of the benchmark indicators does not take into account income items.

Data as of 31/12/10. Sources: Europerformance, Financière de l’Echiquier database

Past performances are not systematic indicators of future performances, and do not remain constant over time

+26.6%
EV/Sales 2010

1,9

P/E

20

Dividend yield (%)

2,0

Average capitalisation (in
million €)

15 690

Stocks in portfolio
Past performances are not systematic indicators of future performance, and do not remain constant over time. Performances are calculated
based on net reinvested coupons . However, the performance of the benchmark indicators does not take into account income items.

Data as of 31/12/10. Sources Europerformance, Financière de l’Echiquier database.

50

Total assets (in million €)
INVESTMENT STRATEGY 2011

816
31

Echiquier Major: 2011 strategy

• A global player in education (80%
profits)
• An acquisition strategy designed
to conquer the planet

• An indispensable player in the
outsourcing of administrative
services in the UK
• A market expanding under the
pressure of public deficits

•
•

2nd largest outdoor advertising
specialist…
… that was able to seize
opportunities in two of its big
countries (Germany and the UK)

• Europe’s leader in sanitary
facilities...
• … that sped up its investments
(+50%) and its sales force during the
crisis

Poorly assessed
growth

Smart models
gain
momentum

Winners of
the crisis

INVESTMENT STRATEGY 2011

32

Echiquier Major: key takeaways

Leaders are the true winners of the crisis

Benefits from global growth
Valuations have remained reasonable for
top quality companies
The best SRI ratings

INVESTMENT STRATEGY 2011

33

 Diversified
 European equity
 Euro corporate bonds

Arty in 2010
Yield and flexibility

36%

Olivier de Berranger
Portfolio Manager

Bonds 50-100%

Equity 0-50%

Performance 2010

Arty since inception : 21,3%
Composite index* : 1,5%

+7,6%
Modified Duration

4,44

Bond yield (%)

4,91

Equity yield (%)

4,70

Average Capitalization(M€)
* 75% Eonia, 25% EuroStoxx 600

25 075

Number of stocks in portfolio

Total assets (M€)

39

79,3

Past performances are not systematic indicators of future performance, and do not remain constant over time. Performances are calculated
based on net reinvested coupons . However, the performance of the benchmark indicators does not take into account income items.

Past performances are not systematic indicators of future performance, and do not remain constant over time. Performances are calculated
based on net reinvested coupons . However, the performance of the benchmark indicators does not take into account income items.

Data as of 31/12/10. Sources: Europerformance, Financière de l’Echiquier database.

INVESTMENT STRATEGY 2011

37

Echiquier Agenor: 2011 strategy
Economic
recovery: the best
is yet to come

Concentration:
“Mid caps” go
on the
offensive
Germany
maintains
its
momentum
Italy is not
a “PIGS”

Data as of 31/12/2010. Source: Financière de l’Echiquier database.

• Europe’s No. 2 in professional
lighting
• Following a major restructuring
process, the company will benefit
from a rebounding market in 2011

• Leader in farming equipment via
its subsidiary, Khun
• The market will rebound in 2011
together with Bucher’s profit
margins

• The consolidator of a segmented
and growing sector: Call centres
• A know-how recognised for
acquisitions and a solid track
record for action

• Leader in equipment for the
production of medication derived
from biotechnology
• Substantial and visible growth

• A major player in production
of high-end glasses (Dior,
Gucci, Armani)
• Very high potential for
growth in emerging
countries

•

•

Germany's equivalent to Franch
company IPSOS that specialises in
marketing surveys
Substantial and visible cash flows
to help consolidate its sector

•
•

A typical case of a company
exporting capital goods of German
origin
The investment cycle for the sector
will resume in 2011

Promoting knowledge
• Exchange program between analysts and a
“sister” management company based in Salt
Lake City
• Training for employees: Columbia, INSEAD,
HEC, CFA...
• Training for investment professionals

This document is designed for investment professionals only and cannot be considered as a contract.
The information contained herein are drawn from the best sources in our possession. References to listed stocks are made
for illustrative purposes only and shall in no case whatsoever be considered as guidelines for investment.
Previous performances are not systematic indicators of future performances, and do not remain constant over time. Finally,
the tax treatment deriving from investment of Mutual Fund stocks or shares depends on the situation of each investor. It
therefore advisable to consult your tax adviser. For further information on the Funds presented herein, kindly refer to the
simplified brochure readily available at the management company by calling +33 â&#x20AC;&#x201C; (0)1.47.23.90.90 or your usual contact
person.
All the Funds presented herein are accredited in France. Agressor, Echiquier Major, Echiquier Agenor, all French Mutual
Funds, are authorised to operate in Germany, Belgium, Spain, Italy, Netherlands and Switzerland. Echiquier Global, also a
French Mutual Fund is accredited in Germany, Belgium, Spain and Italy. Echiquier Patrimoine, a French Mutual Fund is
authorised to operate in Germany, Spain, Italy and Netherlands. ARTY, a French Mutual Fund is accredited in Germany and
Italy. Echiquier SĂŠlection, a French Mutual Fund is authorised to operate in Italy. All of these Funds are equally accessible
through life insurance contracts in Luxemburg and Belgium duly licensed to provide these services.